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I don't think so, because when we were on the gold standard, the price of gold - or the exchange rate in US dollars (?) - was fixed.
by gnoway 13y ago
I don't think so, because when we were on the gold standard, the price of gold - or the exchange rate in
US dollars (?) - was fixed.
- jcbrand 13y agoYeah, that makes sense. So the analogue is flawed because Gold/dollar exchange wasn't floating back then but BTC/dollar is floating currently.
- mikelarned 13y agoI may be interpreting the term fungible incorrectly. At a given point in time, won't one Bitcoin always be exchangeable for another Bitcoin? If I purchased a BC for $1 and the current market price is $1.50, my basis is $1 and my unrealized gain is $.50, but does that gain impact something being fungible? The coin is still mutually interchangeable at that point. I keep reading examples of trading a baseball card. If I had two Babe Ruth cards, one in perfect condition and one with bent edges, the items aren't valued the same and most likely won't be directly traded for one another. They aren't fungible.
- gnoway 13y agoYes I think you're right, which is why I think the IRS ruling is 'wrong' from the perspective of people who want bitcoin to be legal tender. I think the IRS ruling is entirely 'right' from the perspective of people who don't want to criminalize bitcoin, but have an interest in preventing its use as currency. Like the US Government and the banking industry.